It's one thing to know you should be setting some money aside each month to save for future goals. It's another thing to do it. It helps if you make saving more automatic. One of these three approaches may work for you:
1. Join a savings plan at work
Your workplace will take a set number of dollars off your pay every month, and put them into a savings plan for you.
This way you won't have a chance to spend the money first.
With some plans, your workplace will also contribute, or match your contributions.
The money goes into a savings account, or it may be used to buy Canada Savings Bonds or mutual funds.
A workplace pension plan can also help you save for retirement. Your money may go into a registered account or Group RRSP.
2. Set up a deposit to your savings account
Here you set up your own monthly savings program.
You ask your bank to take money out of your chequing account each month, and put it into a separate savings account.
You may pay a fee for this service, but at least you know you'll keep saving.
3. Save your tax refund
Look at your tax refund as a bonus you can save each year.
You've already been living without this money, so you likely won't miss it if you invest it instead of spending it.
You can put the money into your Registered Retirement Savings Plan (RRSP) and get an even bigger tax refund the following year.
You could also put the money into an educational savings plan for your children.
Remember: It pays to make saving a habit
Even small savings add up over time. If you save just $150 a month, you'll save $1,800 a year.
Content in this section is provided in partnership with the Investor Education Fund, a non-profit organization promoting financial literacy to Canadians. To find out more go to GetSmarterAboutMoney.ca.